Application of Proceeds from Remedial Actions. Any proceeds or funds aris- ing from the exercise of any rights or the en- forcement of any remedies herein provided after the payment or provision for the pay- ment of any and all costs and expenses in connection with the exercise of such rights or the enforcement of such remedies shall be applied first, to the ratable payment of in- debtedness hereby secured other than the principal of or interest on the Notes; second, to the ratable payment of interest which shall have accrued on the Notes and which shall be unpaid; third, to the ratable pay- ment of or on account of the unpaid prin- cipal of the Notes; and the balance, if any, shall be paid to whomsoever shall be entitled thereto.
Appears in 3 contracts
Sources: Mortgage and Security Agreement, Mortgage and Security Agreement, Restated Mortgage and Security Agreement